Saudia records 50 percent growth in operations during Umrah season
JEDDAH, SAUDI ARABIA - From the start of the month of Muharram until the end of Rabi' Al-Awwal, Saudia Airlines...
Business
Business
Arabian Centers to set up $14.65m microfinance company
FAS Labs Limited Co., a unit owned by Saudi retail firm Arabian Centers, will set up a digital consumer microfinance...
- According to a bourse filing, FAS Labs Limited Co. has obtained preliminary approval from the central bank
- The move comes as Arabian Centres aims diversify its income sources and enhance profitability
Business
Jordan signs Japan deal for AI-enabled support software
The two sides agreed on the project's overall framework, in addition to a draft accord detailing initial implementation phases.
- Jordan’s Ministry of Digital Economy and Entrepreneurship and Japan International Cooperation Agency (JICA) have signed an agreement
- The agreement lays out the main technical axes of a project to develop Jordan's artificial intelligence (AI)-enabled support system
Business
Qatar Financial Center’s systems benefit aircraft leasing firms: CEO
The Center’s proximity to the most important leading airlines in the world and its wide network of destinations make it...
- Yousuf Mohammed Al Jaida said the Center's proximity to leading airlines makes it ideal for aircraft leasing companies.
- Nearly 30 of the largest aircraft lessors in the world are looking forward to concluding deals with leading airlines that utilize their assets efficiently.
Business
Moro Hub teams up with Swedish firm
Moro Hub, the digital arm of DEWA, has signed an agreement with Axis Communications, a Swedish company, offering video surveillance...
- This partnership is part of Moro Hub’s effort to accelerate its drive to promote Integrated Physical Security in the UAE and GCC
- Moro Hub will now offer government and enterprise clients across varied verticals, including transport, utilities and energy, healthcare, retail and financials
Science
World’s first hydrogen-powered flying boat, ‘THE JET,’ set to launch in Dubai
Swiss based start-up THE JET ZeroEmission announced that it has inked an agreement with Zenith Marine Services LLC, a UAE...
- ‘THE JET’ features cutting-edge characteristics and technologies, making it capable of flying in silence over the waters at a cruising speed of 40 knots
- The flying boat’s cutting-edge fuel cell technology will be delivered in Dubai for a historic inaugural flight, during the next COP28 UAE preparatory meetings
Business
Arab Bank profit up 61%
The net income after tax rose from $195.3m to $314.5m.
- The Arab Bank Group consolidated the financial statements of Oman Arab Bank under its group accounts
- This increased total assets by $8.4 billion to $63.8 billion, compared to $54.4 billion for the same period last year
Geostrategy
Oman, Finland explore boosting trade, investment cooperation
The meeting explored the available opportunities in the two countries, particularly in the fields of tourism, industry, research, mining and...
- The meeting explored the available opportunities in the two countries, particularly in the fields of tourism, industry, research, mining and economic diversification sectors
- An agreement of cooperation was signed by companies from both countries, which will contribute in the transfer of knowledge and grooming the skills of Omani youth
Geostrategy
UAE intercepts, destroys ballistic missile launched by Houthis
The UAE Ministry of Defence gas confirmed there were no casualties resulting from the attack and the fragments of the...
- The attack comes exactly a week after missiles launched by the Houthi in Yemen targeted the UAE and Saudi Arabia
- It also comes exactly two weeks after at least three people were killed in a Houthi attack on the UAE capital of Abu Dhabi
Geostrategy
Bahrain foreign minister, Turkish counterpart discuss ties
Dr. Al Zayani welcomed his Turkish counterpart, praising the friendly relations between the two countries.
- Dr. Al Zayani welcomed his Turkish counterpart, praising the friendly relations between the two countries
- Çavuşoğlu hailed the friendly relations between the two countries, stressing the keenness of Turkey to improve relations and cooperation
Business
Arab countries offer Iraq to set up industrial cities
Iraq signed the first agreement to build an economic city with Jordan.
- Iraqi ministry revealed that it has received several offers from Syria, Jordan, Saudi Arabia, Iran and Kuwait to build industrial cities in the country
- The first contract was signed in the holy Karbala for the construction of an industrial city specialized in petrochemicals and engineering
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
Al Sagr, Gulf Union may merge
Business
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QIB partners with Loop
Business
Egypt to grant ‘golden license’ in order to boost investment
The license will allow investors to buy or rent lands, operate and manage the projects and allocate the necessary facilities...
Economy
Savola Group posts 36% increase in profit
It recorded $173m profit in the first nine months of 2022.
Business
Upcoming climate events to boost UAE-Egypt ties
The bilateral relations between the two countries are based on mutual respect and appreciation. The significant advancement in the bilateral...
Geostrategy
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Business
Sheikh Khaled bin Mohamed bin Zayed meets CEOs of INPEX, BP
Energy security, enhancing partnerships were discussed.
- The meeting discussed ways of harnessing opportunities in renewables and hydrogen.
- The meetings deliberated on ways of expanding existing relationships to enable a more sustainable future.
Business
DEWA commissions 389 11kV substations in Q3 of 2022
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has commissioned 389 11kV substations in Dubai in the third quarter...
- DEWA now has 77 substations of 33kV in service, and 42,529 medium voltage (11Kv or 6.6Kv) substations.
- These stations are mainly located at Wadi Al Safa Fifth, Al Merkad, Madinat Al Matar and Al Yalayis 1.
Geostrategy
Investment to tackle climate change falls in 2022, says UNCTAD
Cross-border investment in climate change mitigation and adaptation is projected to decline in 2022 against the backdrop of a global...
- Mitigation projects accounted for 94 percent of international climate investments, whereas adaptation ones continued to lag far behind.
- Developed economies made up two thirds of international project finance deals and greenfield investments in renewables.